Today's expected range
for the Canadian Dollar against the US Dollar is 1.0425-1.0525
Today's expected range
for the Canadian Dollar against the Euro is 1.4000-1.4100
Today's expected range
for the Canadian Dollar against Sterling is 1.6780-1.6880
The US Dollar is
marginally stronger this morning as the currency markets get set up for the
release of the US Employment report. Overnight the Euro fell a little as
Frances sovereign debt was downgraded but it recovered throughout the morning as
I think most investors are not paying much attention to what the agencies say, the
rating agency cited the fact that current French Government policies will not
correct the current economic situation which comes as no surprise that a
socialist government can’t get spending under control.
For today's release of
US employment we are expecting 125K new jobs to have been created and the
unemployment rate to rise to 7.3%. Given that economist predictions have been
way off on this number we are expecting some enhanced volatility surrounding
the release as they most likely get the number wrong.
USD.CAD is slightly
higher this morning in quiet trading, up today we also get the Canadian Employment
Report and for this number we are expecting 14K new jobs to have been created
and a slight rise in the unemployment rate to 7.0% from 6.9%. The Canadian
economists have not even come close to getting this number correct in the last
6 months so I am thinking that we will get a big surprise and we will have lots
of movement this morning. If the number is strong then USD.CAD will drop below
1.0400 and if the number is weak we will end up above 1.0500 starting a push
towards 1.0600.
Have a great weekend
and a reminder that while we will be open on Monday banks and the international
wire system will be closed so make sure you make all payments today.
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0458 | 1.0408 | |||||
| CAD/USD | 0.9562 | 0.9607 | |||||
| EUR/USD | 1.3424 | 1.3513 | |||||
| EUR/CAD | 1.404 | 1.4066 | |||||
| STG/CAD | 1.6816 | 1.6738 | |||||
| AUD/CAD | 0.9884 | 0.9877 | |||||
| CAD/JPY | 93.84 | 94.78 | |||||
| CAD/CHF | 0.8754 | 0.8762 | |||||
| CAD/HKD | 7.4067 | 7.441 | |||||
| CAD/CNY | 5.8207 | 5.8504 | |||||
| CAD/MXN | 12.6432 | 12.662 | |||||
| Commodities | |||||||
| Gold | $1,308.00 | $1,314.00 | |||||
| OIL | $94.00 | $95.10 | |||||
| US DOLLAR INDEX | |||||||
| P.CLOSE | 80.91 | 80.57 | |||||
| OPEN | 80.94 | 80.61 | |||||
| US 10YR YIELD | 2.61% | 2.64% | |||||
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